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Binance says Nigeria not yet one of its top markets, but holds extraordinary potentials



SEC declares Binance operation illegal in Nigeria, warns cryptocurrency investors

Amid ongoing face-off with the Nigerian government, Binance, one of the world’s biggest cryptocurrency exchanges has disclosed that the Nigerian market is yet to become one of its top markets, even though the country holds ‘extraordinary

Binance made this known in a blog post the platform shared with Ripples Nigeria on Thursday, March 14, 2024.

It, however, noted that it would continue to promote the responsible growth of crypto in Nigeria.

Continuing, the platform stated that complying with the applicable laws and regulations in the countries where it operates is a top priority.

“We proactively engage with regulators and law enforcement whenever we can contribute insight, intelligence, or expertise to help protect users, identify and prosecute criminals, or stop or prevent unlawful activity. This is the definition of collaborative security in the crypto space that we have pledged to strengthen.

Read also: VAT, CIT fetch Nigeria N2.33 trillion in Q4 2023 – NBS

In light of recent news, we would like to share some facts and numbers that demonstrate that we take our commitment to promoting the responsible growth of crypto in Nigeria very seriously.

Even though Nigeria is not yet one of Binance’s top markets, we believe it holds extraordinary potential and we hope to continue to invest there.

In recent years, Africa’s most populous country and largest economy, has seen tremendous growth in crypto adoption and usage, as digital assets deliver value and improve the lives of many Nigerians.

In Chainalysis’ 2023 ranking of global grassroots crypto adoption, Nigeria ranked second in the world, while several studies have estimated that more than one-third of the population uses digital assets.

We are proud that Binance has become one of the most trusted platforms among crypto users in the country and we believe we are rewarded with that trust because of our efforts to give them the best trading experience while keeping their funds safe.

And, while we celebrate and welcome the growth we’ve seen, we also recognize the need to ensure that this growth is responsible and safe” the post stated.

By: Babajide Okeowo

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